Live news: Asian equities drop on robust US jobs data

US stocks reversed early gains on Thursday, as signs of a tight labour market in the world’s biggest economy countered another set of blockbuster results from chipmaker Nvidia.

Wall Street’s S&P 500 closed 0.7 per cent lower in New York on Thursday. The Nasdaq Composite dropped 0.4 per cent, also retracing an earlier advance. Nvidia shares rose 9.3 per cent to close at a record high.

The reversal followed jobs data released earlier on Thursday, which showed initial applications for US unemployment fell to 215,000 for the week ending May 18, versus a Reuters consensus estimate of 220,000.

Yields on interest rate-sensitive two-year Treasuries were up 0.06 percentage points to 4.94 per cent.